As a potential control resource of the load side, fused magnesium load can effectively make up for the loss of the primary frequency modulation capacity of the system, in which the conventional units are replaced by new energy sources. However, the capacity of fused magnesium load is closely related to the operating condition and changes dynamically. It is necessary to accurately characterize its capacity and determine the optimal declared capacity of participating in frequency modulation service. According to the technical regulations of primary frequency modulation service, the basic principle is presented, which the electric molten magnesium load participates in primary frequency modulation control in the case of lack of large power. Considering the risk of reward and punishment, the optimal reporting capacity optimization model is constructed. Taking the year as the time scale, a stochastic production simulation method involving primary frequency modulation was proposed. According to its operating characteristics, a real-time control strategy involving primary frequency modulation is designed. Simulation examples show that the proposed method can accurately simulate the production process of molten magnesium load, reasonably realize the operation control of molten magnesium load, and optimize the declared capacity considering the risk.